In an interview on Bloomberg Television, JPMorgan Chase & Co. co-president Daniel Pinto expressed concerns about the potential for a significant market drop over the next few years.

"It could be a deep correction," he said. "It could be between 20 percent to 40 percent depending on valuation."

Fears of an international trade war coupled with rising interest rates and inflation are contributing to the unease of investors. According to Pinto, that means "markets are going to be nervous, nervous about anything. Nervous about anything that relates to inflation, nervous about anything that relates to growth."

Speaking of President Trump's recent announcement implementing new tariffs on imports to the US, Pinto's colleague and JPMorgan CEO Jamie Dimon added that "if it continues and it gets worse, then it will hurt growth, it will hurt investment. It could offset some of the very huge positives we've had from competitive tax reform."

Former presidential candidate and steadfast critic of the Federal Reserve, Ron Paul, said on Tuesday that "If the Fed continues on the things that they are sort of planning on doing, it's going to be a calamity."

Paul also pointed to the national deficit as an economic threat. "Everything is just burdened with debt, and there's no stopping it," he said. Dr. Paul speculates that a market correction could be as deep as 50 percent.

Mr. Pinto also echoed concern over central bank activities, saying "I think those are the things you want to watch: That inflation doesn't go up too fast, that forces the central bank to go a little faster and quickly than they're doing now. So you want to watch economic indicators, that they don't show that the economy is sliding down and you want to look at some geopolitical issues."

The DOW dropped on Wednesday in reaction to Gary Cohn stepping down as head of President Trump's economic council. But markets rebounded in response to the Trump administration sparing key allies from the new tariffs being imposed.